March was a horrible month for me personally – my car decided to leave me on the side of the road and I lost two beloved family members. Car repairs, funeral and travel expenses just about pushed me to the edge. It’s times like these I realize the importance of having an emergency saving account. As small business owners, we rarely take the time to put money aside for a rainy day. Mainly because we’re too busy trying to keep up and when we have a little extra we want to reinvest in our businesses. Investing I. Your business is great but you also have to invest in yourselves. We all know we need a savings, account, and a retirement account. But knowing we need something and actually doing it are two VERY different things. Here are a couple of my tips to start a personal savings account.
Set a reasonable goal – setting and accomplishing goals is a great way to feel like you are moving forward instead of just going in circles. Example: I want to save $200 over three months. I need to add $30 to my savings every two weeks to reach my goal.
Where to put your money. When I’m putting money in my emergency savings I try to keep it at a different bank than my personal checking. This way I’m less likely to spend it. I believe in the out of sight out of mind theory.
Follow your schedule – if you plan on putting money in your account make sure you do it. But. If something happens that you can’t one week don’t beat yourself up and give up. Get back on track and continue to save.
Once you accomplish that goal set another one. You don’t have to increase the amount you are saving. If you aren’t ready, just continue to save. Your new goal could be in 3 months I want to have a total of $400 in my savings.
Think of putting money in your savings like paying your rent. It’s not an option. Once you get in the habit of adding money to your savings account you won’t even miss the money your saving. And then when you have that emergency, you will have a little extra to help ease your stress.
The spring is a good time
to learn how to cook. I recommend you visit Tye Cooks Austin website which has
plenty of recipes.
Tye Lewis, an owner of
Tye Cooks Austin loves teaching people to cook a healthy gourmet meal using
staples found in most pantries. Her business combines her training as a teacher
and her passion for food. She offers highly personalized one-on-one and small
group cooking classes. Additionally, she offers on-site team building cooking
lessons for organizations in the Austin area. She is happy when her clients
realize that they can cook healthy flavorful entrees in their own kitchen.
However, it has not always been easy starting a business. She faced obstacles like developing a clear mission, finding her “client”, and startup funding. She got help from Economic Growth Business Incubator (EGBI). EGBI helped her learn the basics of how to set up a business from scratch. “Also, the value of insurance, pricing, refining my elevator pitch, and seeing the full value of the service I provide to my clients.” Tye offered. “Now my goals are to expand into more markets here in the Austin metro area as well another Texas city. I am working on publishing a multi-cultural cuisine cookbook geared for those who have food allergies or intolerance.” You can find her own recipes on her website, which consist of ingredients found in most people’s pantries, but also one ingredient that can easily be found in a local grocery store but is versatile. Anyone can try one of the free recipes and building confidence in your own cooking skills.
For more information about the Tye Cooks Austin, visit www.tyecooksaustin.com.
The number of black-owned businesses in Austin is growing. February is Black History Month, an annual celebration of achievements by African Americans and a time for recognizing the central role of blacks in U.S. history. To celebrate Black History Month, Economic Growth Business Incubator (EGBI) recognizes two clients that operate an African food mart and a nonprofit that highlights black history. One brings Ethiopian food to the Austin community, while the other helps youth shape their identity and learn from their past.
Sitotaw Degefaw, one of the owners of Selam International Mart & Café on North Lamar, sells imported Ethiopian and East African foods and spices in his grocery store. Visitors can explore East African culture while enjoying traditional Ethiopian food without the need to travel to Ethiopia. Selam International Mart & Café is a place where the East African community in Austin can come and enjoy their native Ethiopian culture, as well as a place for non-Africans to try something new in a very friendly environment. Degefaw’s favorite part of owning his business is meeting new people and having a place where his community can gather.
He started his business with just an idea. He came to EGBI to get the support he needed for his small business, with the idea of starting a slaughterhouse for a particular type of beef important to Ethiopian food. EGBI helped him to understand the governmental regulations around processing meat, and as his idea got better defined, he had the opportunity to purchase a grocery mart that had space to add a butcher shop for his specialty meat.
He worked with Joni
Foster, EGBI’s Program Director, through one-on-one coaching sessions. “She
connected me to the supplier that slaughters the specialty meat according to my
country’s custom,” Degefaw offered. “She worked with me side by side to make my
dream happen.” He continues to visit with Joni once a month to talk about this
business. For more information about Selam International Mart & Café, visit
selamcafe.com
The Living History
Foundation was founded in February 2018 when the first group of people sat
around the table and called the meeting to order. In the past year, the
organization has received its 501(C)(3) status from the IRS and presented three
living history programs in Central Texas. Edgar B. Garza, the Board President
of Living History Foundation, said, “The mission of the Foundation is to
inspire children and the young-at-heart to learn about the contributions people
of color made in the building of this great nation from the time before the
first Europeans to the present day.
“History is an important
part of our personal lives,” Garza continued. “It is the key to understanding
who we are as humans. The youth will ultimately develop their own perspective
on human life and society. One that is based on stories about ordinary people
just like the youth that are in the program. They will also learn from ordinary
people lessons in courage, leadership, and constructive protest.
It is the first time for many of the board members to be a part of a non-profit organization, but EGBI meets with directors a couple of times per month to help them put everything together. The board gathered in December 2018 to make plans for 2019, and Joni Foster, Program Director at EGBI facilitated the conversation. Keep a lookout for one of the 12 living history programs the organization will offer in the months to come. For more information about the Living History Foundation, visit facebook.com/livinghistoryfoundation.
Board members of Living History FoundationSalem Mart
